Al Fajer Properties, one of the reknowned developers of Dubai said it is in talks with two unidentified Indian developers to form a joint venture for an investment of up to $1 billion (Rs4,100 crore) in Indian real estate. Many developers from UAE are intersted in joint ventures with Indian developers in Indian Real Estate. After US now the prominent developers of UAE and Singapore are showing considerable interest towards Indian Realty Sector.

Al Fazer said it has plans to develop commercial projects, gated residential communities and townships and has been considering locations in Gurgaon, Hyderabad, Gujarat, Mumbai and Chandigarh. It also wants to create a fund for small investors in India to invest in Dubai properties. This is something every indian realtor will be looking forward.

Al Fajer is one of a growing number of Dubai companies showing interest in Indian real estate. It is moving into India despite signs that the real-estate market is softening. Though there is a sort of saturation in the Tier 1 cities but the good news for indian real estate is that Tier II cities started growing with the IT Sector and the industrial sector investing in such places.

“We have been monitoring the Indian real estate and investment scenario for over two years now,” Shahram Abdullah Zadeh, Al Fajer Properties’ chief executive officer, said in an email. “Despite the current fluctuations in the real estate and property prices, our decision to enter this growth market is driven by our confidence in the strong economic fundamentals of India.”

The company did not offer any additional details including funding. Al Fajer currently has a portfolio of more than $1.5 billion worth of projects in Dubai.